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Sports Betting off to Flying Start in Kentucky
It was only a matter of time before Kentucky betting apps went live, and retail sportsbooks started appearing at the beginning of September. Now, sports betting apps are currently active in the state, with over six operators having launched on September 28, 2023.
Bettors and sports fans are now free to register for as many Kentucky betting sites as they prefer now that online betting has been introduced in the state. This means that all bettors now have the perfect chance to make the most of Kentucky sports betting promos.
Legalized Sports Betting in Kentucky by the Numbers
Bettors in Kentucky placed wagers that have now surpassed the $68 million mark. That is both via in-person or online means. This was back in early October. Numbers are now estimated to have surpassed the $100 million mark.
During a Team Kentucky briefing on Thursday, Governor Andy Beshear noted that now that sports betting is legal, residents of Kentucky are utilizing both in-person and online options to manage their entertainment expenditures.
Of the $68 million recorded in the first week, online betting represented $66.5 million, with in-person betting making up the remaining $1.7 million.
With 12 brick-and-mortar sports betting sites and seven official sports betting apps in the state, there is no question that Kentucky is headed in the right direction.
KY Sports Betting Just Getting Started
On Thursday, September 28, the residents of Kentucky were finally able to place sports bets for the very first time. Kentucky has now become part of the 35 states where sports gambling is legally permitted, with 25 of them allowing online betting.
Starting from September 7, all users were allowed to deposit funds into their pre-registered mobile accounts using debit and credit cards in anticipation of the mobile launch. About $4.5 million was reported in pre-deposit funds.
With residents already strengthening funds and developing solid betting strategies, the excitement is palpable.
Kentucky's strategic geographical location, bordering six states with online sportsbooks, further amplifies the potential for growth in the sports betting industry, making it a market to watch in the coming years.
Outlook for the Rest of 2023 and Beyond
Now that the full implementation stage has been reached, sports wagering is expected to yield approximately $23 million in annual revenue for the state, although some proponents anticipate even higher figures.
Most of this revenue will be directed toward bolstering Kentucky's public pension system, effectively halting the outflow of funds to other states where Kentucky residents had previously placed their sports bets.
This means that with the top sportsbooks in the state, more competitors will seek to enter the market. More top and international brands are expected to enter Kentucky in the next few years.
Beshear pointed out that the strong revenue figure underscores the excitement among Kentuckians as sports wagering begins.
With college football and the NFL season already in full throttle, the next months will serve as the perfect scenario to test Kentucky's sports betting success.